Plains All American Expects May Closing of Keyera NGL Sale Despite Competition Bureau Filing
Plains All American Pipeline updated that the sale of its Canadian NGL business to Keyera faces a Canadian Competition Bureau challenge yet remains on track to close in May 2026. Upon completion, the company will become a pure-play crude oil midstream operator spanning Canada to the U.S. Gulf Coast.
1. Sale Process and Regulatory Challenge
Plains All American Pipeline and its affiliates received a filing from the Canadian Competition Bureau challenging the proposed sale of its Canadian natural gas liquids business to Keyera Corp, but the filing does not enjoin or prohibit completion of the transaction.
2. Expected May 2026 Closing
Despite the regulatory challenge, Plains and Keyera remain committed to closing the NGL divestiture in May 2026 following satisfaction of all closing conditions and receipt of any necessary approvals.
3. Strategic Transformation
Upon completion of the sale, Plains will operate as a pure-play crude oil midstream company, leveraging integrated assets from Canadian gathering systems to U.S. Gulf Coast export and storage facilities.